FY2024 Earnings Estimate for Ready Capital Issued By Wedbush

Ready Capital Co. (NYSE:RC) – Equities research analysts at Wedbush dropped their FY2024 earnings per share estimates for Ready Capital in a research report issued on Tuesday, November 12th. Wedbush analyst J. Mccanless now anticipates that the real estate investment trust will earn $0.95 per share for the year, down from their prior forecast of $1.00. Wedbush currently has a “Neutral” rating and a $9.00 target price on the stock. The consensus estimate for Ready Capital’s current full-year earnings is $0.92 per share. Wedbush also issued estimates for Ready Capital’s Q4 2024 earnings at $0.22 EPS, Q1 2025 earnings at $0.25 EPS, Q2 2025 earnings at $0.27 EPS, Q3 2025 earnings at $0.28 EPS, FY2025 earnings at $1.10 EPS and FY2026 earnings at $1.15 EPS.

Several other research analysts also recently weighed in on RC. Keefe, Bruyette & Woods decreased their price target on shares of Ready Capital from $8.00 to $7.75 and set an “underperform” rating on the stock in a research report on Monday, August 12th. BTIG Research assumed coverage on Ready Capital in a report on Friday, July 19th. They issued a “neutral” rating on the stock. Finally, Piper Sandler cut their price target on Ready Capital from $9.50 to $8.00 and set a “neutral” rating for the company in a report on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, Ready Capital has an average rating of “Hold” and a consensus target price of $9.38.

Ready Capital Stock Performance

Shares of RC opened at $7.12 on Wednesday. The firm has a market capitalization of $1.20 billion, a P/E ratio of -10.16 and a beta of 1.42. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.67 and a quick ratio of 1.69. Ready Capital has a one year low of $6.65 and a one year high of $11.67. The business has a fifty day moving average of $7.38 and a 200 day moving average of $8.16.

Hedge Funds Weigh In On Ready Capital

Several institutional investors have recently bought and sold shares of the business. BNP Paribas Financial Markets lifted its holdings in shares of Ready Capital by 198.8% in the 3rd quarter. BNP Paribas Financial Markets now owns 97,837 shares of the real estate investment trust’s stock valued at $746,000 after buying an additional 65,098 shares during the period. Quantbot Technologies LP purchased a new stake in Ready Capital in the 3rd quarter worth approximately $1,005,000. Fisher Asset Management LLC acquired a new stake in shares of Ready Capital during the 3rd quarter worth approximately $116,000. Penserra Capital Management LLC increased its holdings in shares of Ready Capital by 22.9% during the 3rd quarter. Penserra Capital Management LLC now owns 117,132 shares of the real estate investment trust’s stock valued at $893,000 after purchasing an additional 21,855 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in Ready Capital by 11.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,868,580 shares of the real estate investment trust’s stock valued at $14,257,000 after buying an additional 195,663 shares during the period. 55.87% of the stock is owned by hedge funds and other institutional investors.

Ready Capital Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Monday, September 30th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 14.05%. The ex-dividend date was Monday, September 30th. Ready Capital’s payout ratio is -142.86%.

Ready Capital Company Profile

Ready Capital Corporation operates as a real estate finance company in the United States. It operates through two segments: LMM Commercial Real Estate and Small Business Lending. The company originates, acquires, finances, and services lower-to-middle-market (LLM) commercial real estate loans, small business administration (SBA) loans, residential mortgage loans, construction loans, and mortgage-backed securities collateralized primarily by LLM loans, or other real estate-related investments.